Personal-finance lessons from George Washington

He led our fair nation to freedom, and his face stares at us from the ubiquitous $1 bill. He's none other than George Washington, the first president of the United States.

As one of our first elder statesmen, Washington left a wealth of memorable quotes, many of which apply to personal finance. He spoke much about integrity and character as well as discipline and service -- characteristics important in establishing a sound personal-finance life.

Let's take a look at the following nine quotes:

"Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company." With whom you spend your time affects how you behave, and that's certainly true when it comes to spending habits. If you want to save, hang out with frugal people. If you want to be financially savvy, hang out with financially savvy people. How many stories have you heard about people looking to save money but always going out to expensive restaurants and trendy bars with their friends? There are a lot of ways to have fun that cost very little. (Have a board-game night.) If you want to save up a few bucks, hang out with friends who appreciate not going out to expensive places. Don't fight the current; just find a more favorable current.

"Be courteous to all, but intimate with few; and let those few be well tried before you give them your confidence." When applied to personal finance, this speaks to how you should select any sort of adviser. Finances are very personal and, while you should give each adviser a chance, be very particular whom you trust with your treasure.

Read More at: http://blogs.moneycentral.msn.com/smartspending/archive/2008/02/12/personal-finance-lessons-from-george-washington.aspx

In the article, a man interprets quotations from George Washington in relation to personal finance. The wise first president touches on subjects such as who you should take financial advice from, the effect of money on people, and how you should treat fellow money spenders/savers. Interesting enough, the man on the $1 bill, obvisiously the most omnipresent piece of paper in America, imposes a consevative approach - spend to obtain what you need, stay out of debt. The author does stretch a few of Washington's words, but for the most part, they offer fitting advice for anykind of money spender and saver.

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